Published on 2/27/2023 in the Prospect News Investment Grade Daily.
New Issue: Vulcan Materials sells $550 million 5.8% notes due 2026 at Treasuries plus 130 bps
By Cristal Cody
Chicago, Feb. 27 – Vulcan Materials Co. sold $550 million 5.8% notes due 2026 (Baa2/BBB+/BBB) on Monday, according to an FWP filing with the Securities and Exchange Commission and details from a market source.
The notes priced at 99.968 to yield 5.812%, or at Treasuries plus 130 basis points, versus talk in the Treasuries plus 150 bps area.
Before March 1, 2024, the notes can be called with a Treasuries plus 20 bps make-whole premium. After that date, the notes may be called at par.
BofA Securities, Inc. and Truist Securities, Inc. led the sale. Goldman Sachs & Co. LLC, Regions Securities LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC are also joint bookrunners.
Vulcan is the largest supplier in the United States of construction aggregates like crushed stone, sand and gravel. The company is based in Birmingham, Ala.
| Issuer: | Vulcan Materials Co.
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| Amount: | $550 million
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| Issue: | Notes
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| Maturity: | March 1, 2026
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| Bookrunners: | BofA Securities, Inc., Truist Securities, Inc., Goldman Sachs & Co. LLC, Regions Securities LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
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| Co-managers: | FHN Financial Securities Corp. and Siebert Williams Shank & Co., LLC
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| Trustee: | Regions Bank
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| Counsel to issuer: | Womble Bond Dickinson (US) LLP
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| Coupon: | 5.8%
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| Price: | 99.968
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| Yield: | 5.812%
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| Spread: | Treasuries plus 130 bps
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| Call features: | Make-whole call at Treasuries plus 20 bps until March 1, 2024; thereafter at par
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| Change of control: | At 101
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| Trade date: | Feb. 27
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| Settlement date: | March 3
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| Ratings: | Moody’s: Baa2
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| S&P: BBB+
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| Fitch: BBB
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 150 bps area
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| Cusip: | 929160BA6
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